The Dow Jones Industrial Average dropped more than 450 points Monday, as worries about the coronavirus rattled U.S. markets.
Why it matters: The coronavirus could drastically affect markets if consumers refrain from travel. Companies that rely on tourism including airlines and resorts were hit especially hard Monday. The sell-off marked the Dow's first five-day losing streak since August, AP reports. It was also the S&P 500's worst day since October.
The risk of U.S. residents becoming infected by the coronavirus that's devastating China remains low right now, public health officials said Monday, even as there's growing pressure to ramp up U.S. and international pandemic preparedness.
Worry about the Wuhan coronavirus is beginning to have a serious effect on business as new cases are discovered worldwide and China ramps up efforts to contain its spread.
What's happening: China extended its Lunar New Year holiday until Feb. 2 from Jan. 30, to help deal with the outbreak, as the country's death toll rose to 80 and the number of confirmed cases reached upwards of 2,700.
Despite reassurances from public health officials that Americans don't currently need to wear face masks as a precaution against coronavirus, many drug stores are selling out.
Why it matters: While it's not clear how much protection the masks offer, manufacturers are seeing a spike in demand, and the potential spread of the virus in the U.S. is being monitored closely — and spooking out a lot of people.
